Miami industrial vacancy falls to 8.3 percent

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The industrial vacancy rate in Miami fell to 8.3 percent in the third quarter of 2012, according to a new report from Jones Lang LaSalle. There are 10.37 million vacant square feet in Miami, with about 9.14 million square feet of vacant warehouse and distribution space and 1.23 million square feet of vacant manufacturing space. Miami’s manufacturing submarket has a total vacancy rate of just 5.4 percent, according to the report. The city has seen total net absorption of 0.5 percent so far this year, or about 512,814 square feet. – Alexander Britell